Thursday, 29 October 2009

Thanks to the launch of its new Tenants Contents Insurance + product andincreased demand, HomeLet has managed to double the number of policies soldin just six months.

What’s more, since 2006 HomeLet has referenced over 1 million tenants,proving it is still the market-leading provider of specialist insuranceproducts and services to the UK lettings industry.

In September 2009 HomeLet sold over double the amount of tenants contentsinsurance policies when compared to January 2009, with an increase of 121per cent.

This increase indicates that tenants, who have tended to overlook buyingtenants contents insurance in the past, are seeing renting as a morelong-term commitment rather than a temporary stop gap.

Also, since the onset of the recession and the resulting increase in thecost of living and rise in unemployment, the number of burglaries has alsogone up. Tenants, who are feeling the pinch along with everyone else, havebecome more aware of the value of their possessions and the cost ofreplacing them.

In June HomeLet launched Tenants Contents Insurance + which is designedspecifically to protect tenants against the potential risks of renting aproperty.

As well as being competitively priced, the new product still providesspecialist cover that protects the tenant’s deposit by providing cover foraccidental damage to the landlord’s contents, building, fixtures andfittings up to the value of £2,500.

Tenants Contents Insurance + also covers the policyholder and two additionaltenants who are named on the tenancy agreement, as long as they’re employed,self employed or retired. This means that one policy can cover three tenantssaving money and making it ideal for sharers.

HomeLet’s Managing Director John Boyle said: “HomeLet has been providingtenants contents insurance for over a decade and we’re constantly improvingthe products that we provide to our customers to ensure that we stay aheadof the market.

“We are delighted to have achieved a 121 per cent increase between Januaryand September 2009 and this is testament to our commitment to providingcomprehensive cover at competitive prices.”

Monday, 26 October 2009

The National Landlords Association has launched ‘NLA rent guarantee insurance', an insurance package for landlords and helpline support specifically designed for NLA members who face increasing pressure from tenancy disputes and rental arrears.

RGI has been developed for the NLA by specialist legal expenses provider Arc Legal Assistance through the NLA's insurance broker Hamilton Fraser Insurance.

According to the NLA, 1 in 3 landlords have tenants in rental arrears.

Paul Berwick, head of marketing, NLA said: "The level of these arrears is heavily influenced by the current economic climate. Many of our members are landlords with large property portfolios who are likely to face greater exposure to rent arrears."

Richard Finan, director of Arc Legal added: "This is a clear indication of how this sector of the landlord market has adapted its business model to provide more support and assistance in difficult financial times."

RGI covers six and twelve month tenancies and has been developed to complement the NLA's new tenant referencing service.

NLA members also have access to a specialist 24/7 technical legal helpline provided by Arc Legal's panel solicitors which sits alongside the NLA's in-house advice line for members.

This landlord insurance package extends Arc Legal's relationship with the NLA, which also provides professional fees and tenancy deposit protection cover to mydeposits, a joint venture between Hamilton Fraser and the NLA.

Wednesday, 21 October 2009

Research from the National Landlords’ Association (NLA) indicates that almost three quarters of private residential landlords have experienced rent arrears, with 43% of this group reporting arrears being incurred in the last 12 months.

To offset this risk, the NLA has launched rent guarantee insurance with a policy that includes legal expenses cover and a dedicated 24-hour advisory service.

The new offering is available to all UK residential property landlords.

NLA chairman, David Salusbury, comments: “Landlords may not realise they can protect themselves against rental arrears, but our research clearly shows there is a need to safeguard your rental income.”

He adds: “Unfortunately we aren’t out the woods with the economy just yet, and thanks to redundancy and unemployment some tenants are struggling to pay their rent.”

Wednesday, 14 October 2009

Paragon Landlord Insurance is promoting the “no deposit insurance", where a tenant pays a one-off premium for an insurance policy, instead of a large value monetary rental deposit.

This can help tenants such as student tenants who are struggling to access funds to pay for traditional, up front cash deposits combined with rents in advance.

This specialist landlord insurance facility enables a landlord to claim on the insurance policy if they need to claim back any losses that would usually of been paid out from the monies that formed a traditional rental deposit.

Friday, 2 October 2009

Petpals Direct, the pet insurance specialist, has recently launched a new pet insurance policy that could make life easier for estate agents and letting agents across the UK.

Perfect for smoothing deal-breaking situations where a landlord is not as keen on pets as the potential tenant, TenantCare Cat and TenantCare Dog insurance from Petpals Direct can be taken out by the pet-owner to insure against property damage the pet may cause to the rented accommodation.

Designed specifically for tenants living with cats or dogs, it is the only product of its kind on the market. Not only does it insure against property damage caused by the pet, it also includes cover for common types of accident and illness.

With prices starting from just £5.17 per month for cat insurance, based on a six month old moggy living in Derby, or from £8.42 per month for dogs, based on a six month old Jack Russell living in Blackburn, the insurance offers a cost-effective way for tenants to secure the house of their dreams and cover expensive vet bills.

Tenant pet insurance from Petpals Direct offers peace of mind to tenants who are familiar with the high costs of moving. The policy allows tenants to claim £700 if there is damage caused by the pet during the first 36 months of occupancy, and £500 thereafter.

In addition to the property damage cover, there is also £1500 of vet fee cover for cats in a number of specific illness and accident categories.

For quotations, terms and conditions, and full details of TenantCare Cat and TenantCare Dog, agents, tenants and landlords can contact Petpals Direct on 0800 328 9847 from 8am to 6pm Monday to Friday, by email enquiries@petpalsdirect.com, or at http://www.petpalsdirect.co.uk/